Dimensional Fund Advisors LP Takes $6.71 Million Position in Circle Internet Group, Inc. $CRCL

Key Points

• Dimensional Fund Advisors opened a $6.71 million position in Circle Internet Group, while several other institutional investors also bought or increased stakes during the first quarter.
• Circle reported quarterly revenue of $701.32 million, up 6.6% year over year, but earnings per share of $0.18 missed analyst expectations of $0.26. The stock opened at $67.23, well below its 52-week high of $189.92.
• Analyst sentiment remains mixed: the consensus rating is “Hold” with a $96.82 price target, even as several firms maintain “Buy” ratings after lowering their targets. Insiders have sold about $157.5 million of shares over the past 90 days.

Dimensional Fund Advisors LP purchased a new position in shares of Circle Internet Group, Inc. (NYSE:CRCL - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 70,301 shares of the company's stock, valued at approximately $6,707,000.

Several other hedge funds have also made changes to their positions in CRCL. Balefire LLC bought a new position in Circle Internet Group during the 1st quarter worth $556,000. Parallel Advisors LLC lifted its stake in Circle Internet Group by 121.0% in the first quarter. Parallel Advisors LLC now owns 1,850 shares of the company's stock valued at $177,000 after buying an additional 1,013 shares during the last quarter. Mediolanum International Funds Ltd bought a new stake in Circle Internet Group in the first quarter valued at $1,245,000. Spartan Wealth Advisory Services LLC acquired a new position in shares of Circle Internet Group during the first quarter valued at $1,118,000. Finally, California Public Employees Retirement System acquired a new position in shares of Circle Internet Group during the first quarter valued at $13,310,000.

Circle Internet Group Trading Up 0.8%

Circle Internet Group stock opened at $67.23 on Tuesday. Circle Internet Group, Inc. has a 52 week low of $49.90 and a 52 week high of $189.92. The stock has a market cap of $16.71 billion, a price-to-earnings ratio of 46.05 and a beta of 0.22. The company's 50-day moving average price is $70.80 and its two-hundred day moving average price is $86.00.

Circle Internet Group (NYSE:CRCL - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.18 earnings per share for the quarter, missing analysts' consensus estimates of $0.26 by ($0.08). The company had revenue of $701.32 million during the quarter. Circle Internet Group had a return on equity of 13.58% and a net margin of 15.53%.The company's revenue for the quarter was up 6.6% on a year-over-year basis. During the same period in the prior year, the company posted ($4.48) earnings per share. Research analysts expect that Circle Internet Group, Inc. will post 0.88 earnings per share for the current fiscal year.

Insider Activity

In other Circle Internet Group news, Director Danita K. Ostling sold 20,000 shares of the company's stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $61.65, for a total value of $1,233,000.00. Following the completion of the sale, the director directly owned 4,608 shares in the company, valued at $284,083.20. This represents a 81.27% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Tamara L. Schulz sold 1,194 shares of the company's stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $60.08, for a total value of $71,735.52. Following the completion of the sale, the chief accounting officer owned 99,205 shares of the company's stock, valued at $5,960,236.40. This trade represents a 1.19% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold 2,027,497 shares of company stock valued at $157,496,368 over the last 90 days. Corporate insiders own 10.85% of the company's stock.

Wall Street Analyst Weigh In

Several research firms have recently commented on CRCL. HC Wainwright lowered their price target on shares of Circle Internet Group from $115.00 to $104.00 and set a "buy" rating for the company in a research report on Thursday, August 6th. Needham & Company LLC reduced their target price on shares of Circle Internet Group from $150.00 to $127.00 and set a "buy" rating for the company in a research note on Thursday, August 6th. Freedom Capital upgraded shares of Circle Internet Group to a "hold" rating in a research report on Tuesday, April 21st. Wall Street Zen lowered shares of Circle Internet Group from a "sell" rating to a "strong sell" rating in a research note on Saturday, August 1st. Finally, TD Cowen started coverage on Circle Internet Group in a report on Monday, August 3rd. They set a "buy" rating and a $82.00 price target on the stock. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, thirteen have issued a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $96.82.

Circle Internet Group Company Profile

Circle Internet Group NYSE: CRCL is a financial technology company that builds infrastructure to enable businesses and developers to use and move money on public blockchains. Co-founded by Jeremy Allaire and Sean Neville, the company is best known as a principal issuer and steward of USDC, a dollar-pegged stablecoin developed through the CENTRE Consortium, which Circle co-founded with Coinbase. Jeremy Allaire serves as CEO and has been a visible leader in the company’s strategy and public engagement around digital currency and payments innovation.

Circle’s core products and services center on digital currency issuance and programmable payments.

Want to see what other hedge funds are holding CRCL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Circle Internet Group, Inc. (NYSE:CRCL - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source